The latest numbers produced monthly by Comerica Bank show the Texas Economic Activity Index continues to decline and pessimism reigns.
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The Economic Index fell 1.2 percentage points in December to 92.8. The index averaged 97.7 points for all of 2015 and measures variables such as non-farm payrolls, exports, hotel occupancy rates, unemployment insurance claims, housing starts, sales tax revenues, home prices, and the state rig count.
In December, business executives expressed optimism regarding future business conditions, but the latest Texas Outlook Survey, manufacturers reiterated their deeply pessimistic view of current business conditions as the downturn affects many sectors.